In December 2023, FINTRAC levied its largest-ever fine related to standards on processes to report suspicious transactions, leaving many organizations scrambling to identify and fill in any potential gaps related to their own STR processes and procedures.

STR requirements under the PCMLTFA apply to all reporting entity sectors, and their AML reporting obligations include monitoring financial transactions for signs of suspicious activity and filing Suspicious Transaction Reports (STRs) to FINTRAC. During this workshop, we will break down changes to the STR reporting form as well as overall guidance on writing and submitting a high-quality STR, including:

• To file or not to file? Preparing to submit a high-quality STR and navigating failure to file
• Preparing for FINTRAC examinations and responding to information requests
• Effectively detecting and reporting suspicious transactions to FINTRAC
• Lessons learned from recent AML violation cases
• Implementing a risk-based approach to your overall AML compliance program
• FINTRAC’s risk-based examination framework
• Next steps if you have received a request from FINTRAC